Jackie O’s Contribution To The Latest Trust Trend

In this piece The New York Times’ Paul Sullivan traces a new trend among the ultra-wealthy: The charitable lead trust.  Just like her fashion choices, Jackie O’s Last Will and Testament is an iconic example.  At least among estate lawyers and other people in the business of distributing the wealth of the ultra-rich deceased.  Here’s how it worked:

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Jacqueline Kennedy Onassis is much better known for her taste in sunglasses than for her far-sighted will.

“After parceling out specific gifts, Mrs. Onassis put the rest of her estate into one of these trusts. It was set up to last 24 years, distributing money to charity annually. Whatever is left in 2018 goes to her heirs, in this case her grandchildren.”

And just like Jackie’s giant black sunglasses, the charitable lead trust is back en vogue.  Sullivan reports that’s mainly thanks to the continuation of some Bush-era estate tax exemptions and super-low interest rates.

Given New Hampshire’s tendency to favor private charities over a large government-funded social safety net, could this new trust trend spread northward?